Income Tax
Income Tax
Income tax considerations are an important part of wealth planning.
Understanding the income tax rules that apply to you and your assets can help you make informed decisions for your own wealth plan.
Income tax overview
The Tax Cuts and Jobs Act, signed into law on December 22, 2017, provided tax benefits in the form of fewer tax brackets and generally lower rates of tax and an increase in the standard deduction. However, it also curtailed or eliminated a number of tax deductions that have been a familiar part of the tax landscape for years.
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The Medicare surtax
Beginning in 2013, a 3.8% Medicare surtax* has been imposed on certain passive investment income of individuals, trusts and estates based on a mathematical formula. For taxpayers to be able to reduce the impact of the tax, they must first understand to which income it applies and how the tax is calculated.
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Please contact a CIBC Private Wealth advisor for more information.